Ralph Lauren will close the Fifth Avenue flagship store in New York
Ralph Lauren's upcoming New York flagship store lease began in 2013 with a lease term of 15 years and a total area of 38,000 square feet, with a monthly rent of up to $25 million. Some people in the industry said that if Ralph Lauren terminates the contract at this time, it is a breach of contract and requires a certain fine. Stephen Stephanou, a partner at investment firm Crown Realty Services, said Ralph Lauren’s high-profile closings signaled to other US department stores and retailers, meaning that a new round of closings is about to begin. In the Group's 2016 fiscal year report, Ralph Lauren closed 43 stores last year, including a flagship store in Hong Kong with a total area of 20,000 square feet. Ralph Lauren stressed in the statement that the restructuring of the group is going smoothly, and closing the flagship store on Fifth Avenue in New York is part of the plan.